Nikkei above 25-day average after central bank steps

TOKYO, Dec 1 (Reuters) - The Nikkei share average
surged above its 25-day moving average to a two-week high on
Thursday after the world's central banks took coordinated action
to ease funding strains among banks caused by the debt crisis in
Europe.
The central banks' offer of cheaper dollar funding has eased
worries about an immediate meltdown in the global financial
system, but market players remained cautious about prospects for
a resolution to the crisis.
"This just means they expanded emergency measures. The more
important point is whether Europe is going to have a bigger
bailout fund and that's still up in the air," said Soichiro
Monji, chief strategist at Daiwa SB Investments.
The benchmark Nikkei rose 2.2 percent to 8,618.15,
climbing above its 25-day moving average, now around 8,579, and
rising at one point to 8,652, its highest level since Nov. 14.
Some market participants said they were keen to see if the
Nikkei could maintain its gains and close above its 25-day
moving average.
The Nikkei faces more resistance from its 75-day moving
average around 8,687 and above that the daily Ichimoku cloud
looms at 8,704-8,747.
The broader Topix index rose 1.9 percent to 742.44.
Construction makers and shippers, the main beneficiaries of
China's booming economy, were among the top performers after
China's central bank cut reserve requirements for commercial
lenders on Wednesday for the first time in three years.
Komatsu jumped 6.3 percent to 2,015 yen while rival
Hitachi Construction rose 6.6 percent to 1,413 yen.
Mitsui OSK Lines rose 5.4 percent to 252 yen.
But Japan's No. 2 and No.3 mobile carriers, KDDI Corp
and Softbank Corp fell on report that top
mobile operator NTT DoCoMo Inc will also sell Apple
to sell its popular iPhone and iPad devices in Japan.
The Nikkei Business online said DoCoMo will first sell the
iPad with high-speed packet access next summer, followed by the
iPhone in autumn next year.
Docomo shares rose 1.6 percent to 137,200 yen while KDDI
fell 0.8 percent to 501,000 yen and Softbank dropped 2.2 percent
to 2,490 yen.